Analyst

Steve Zhou, CFA

15 years of experience in both buy and sell-side in Asia.

L'Occitane (973 HK):  FY1H24 Earnings Hurt By Massive Increase In Marketing, As Expected

L'Occitane (973 HK):  Operational Update Shows Strong Growth Momentum

L'Occitane (973 HK):  Two Good Moves, Though Rerating Has Been Fast And Furious

L'Occitane (973 HK):  Underlying Fundamentals Intact

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> reported 2QFY24 operational update last night.  Sales grew 17% yoy on reported currency, and up 25% yoy on constant currency. </li>
<li>The bright spot of the release is the growth of Sol de Janeiro, the Brazilian-inspired premium body care brand, which grew 202% yoy in constant currency in the quarter.</li>
<li>Sol de Janeiro has the highest EBIT margin among the 3 major brands of the company, at 24.6% in FY23, suggesting highly profitable growth.</li>
</ul>



L'Occitane (973 HK) reported 2QFY24 operational update last night.  Sales grew 17% yoy on reported currency, and up 25% yoy on constant currency. 
The bright spot of the release is the growth of Sol de Janeiro, the Brazilian-inspired premium body care brand, which grew 202% yoy in constant currency in the quarter.
Sol de Janeiro has the highest EBIT margin among the 3 major brands of the company, at 24.6% in FY23, suggesting highly profitable growth.


L'Occitane (973 HK):  Sol De Janeiro Growth Taking Off